In latest developments, tax heads of larger accountancy firms have defended themselves against claims they are behind avoidance schemes that damage the UK’s economy. The Public Accounts Committee accused them of making not exposing corporate income for tax in UK

However, the tax chiefs from PwC and KPMG, are of the view that many common assumptions about avoidance schemes were wrong. All this leads from the revelations about the tax arrangements of companies including Google, Amazon and Starbucks, which use the Big Four.

The panel of experts from the larger accountancy firms also rejected suggestions that by advising companies to avoid tax, they were breaching the spirit of the Companies Act, which requires directors to act in good faith and maintain high standards.